Medical Properties Trust (MPW) Puts New Capital to use with Steward Transaction - KeyBanc
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KeyBanc analyst Jordan Sadler reiterated an Overweight rating and $24.00 price target on Medical Properties Trust (NYSE: MPW) after the company announced a new $335M loan to Steward Health in 1Q21 and a $158M incremental investment in Swiss Medical Network that was completed subsequent to quarter-end.
The analyst stated "The Steward loan is expected to be nominally accretive (low yielding), but should drive incremental growth and opportunity in the future and enhance the tenant’s profile." He went on to state "MPW has completed ~$5B of investments since early 2020 and remains active in the pursuit of additional opportunities. Management characterized the pipeline as strong and growing, with announcements of transactions potentially taking place late in the first half
of this year and/or in the early part of the second half. We expect the mix of transactions to be weighted toward the U.S., which should upwardly skew returns. We assume MPW completes another $1.1B of acquisitions throughout the year at a blended 8% average cap rate".
Shares of Medical Properties Trust closed at $21.86 yesterday.
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